Originally Posted by
digger
I would say you are completely wrong there Shasta. In fact it is the other way around . In march 2008 PIKE issued Liberty Harbor convertible bonds to the value of US 30 million for a term of 3 years with Liberty making some conditions. It was very unfortunate that at that stage NZO did not have todays cash or it would have been far better that the bonds were to NZO and not Liberty.NZO now has the cash earning peanuts while Liberty is creaming it.What has happened in the last few months and yesterday is what i have long hoped would occure.
Lets all face it yesterdays announcements makes it plane that things are looking up for production from pike. It is just around the corner and NZO can be congradulated on increasing its stake at just the right time and in the right areas. Clearly PIKE has shown that the resource is there,no garbons in the next 300 metres and no faults showing up.The management after some sloppy starts are slowly getting the upper hand of how to run this mine.The value of the product is going through the roof.Sure it has taken twice as long to develope it and cost heaps more but the product value is also far in advance of the 45 dollars it was quoted as being worth at the very beginning.
It will be no suprise to anyone following my recent comments that i would far rather NZO spend money in finishing off PIKE development than drilling more oil wells beyond what is already planned,at least until we can figure out why our drilling success is so non existant in the last few years.And after PIKE is cash flow positive what is wrong with investing in other minerals,or more precisely look at this investment along side the oil investment.